Weekly Crypto Analysis September 17-23, 2018

Weekly Crypto Analysis September 17-23, 2018

Bitcoin

Source: tradingview.com

Following the massive selloff, we saw last week, the Bitcoin price managed to recover for the past few days, although we must say that thus far the recovery looks subdued. Looking at the chart, we see how sellers managed to protect the 6,550 resistance level and until now no breakout above it had happened. It that will be the case, the recovery might extend further towards the 6,800 key area which we have mentioned many times in the last few weeks.

We’ve also highlighted a support area on the chart since we see strong rejections around it. If sellers will manage to get below it, 6,200 and then the 6,000 psychological level might be at risk.

We think caution is necessary right now, especially following strong dips like the one we saw last week. Choppier activity and longer bottoming formations generally occur during these situations.

Ethereum

Source: tradingview.com

In our last weekly crypto analysis, we have mentioned the 181 Ethereum support level and as you can see, after a brief breach below it, the price managed to recover and currently trades almost 20% above it.

The strong corrective move encountered some resistance around 220 level, but for now, selling pressure is reduced and buyers are willing to buy on the dip. We suspect that Ethereum could further recover towards the 250 area, mentioning that risks to the downside still persist. Be aware that sellers had been in control for the entire year and a strong bullish pullback might be a good new entry point for bears.

On the downside, we expect 181 to hold as support, together with 168. As the fourth quarter of the year approaches, we suspect Ethereum might start to form a bottoming formation and erase some losses until 2018 ends.

Tron

Source: trandingview.com

The Tron price had also managed to recover, pushed on the upside by the Bitcoin movement. We see a bullish leg up emerging very close to the 0.018 key level, which is where a strong corrective move had started in mid-August. For the past two days, the price had been consolidating in a narrow range, but we suspect Tron is one of the cryptocurrencies that is poised for some further recover.

Since the price managed to rebound around 0.018 key level, a double bottom formation might be under development, so watch how price reacts on minor pullbacks to the downside. If bulls step in strongly, further upside could lie ahead.

We think 0.0245 and 0.0274 might pose some problems to the bulls if the price will reach them, but until then bulls have plenty of room for action.

Overall, the downside should be limited, given that Tron had been under pressure for quite a while.

Briefings about ICOs

According to icowatchlist.com, an ICO project that is currently raising funds is Rebglo. It’s part of the energy/utilities sector and it aims to reboot the global economy through energy circulation through the power of blockchain technology.

In terms of projects that will start in the near term, Giza is a hardware wallet and password provider. The fundraising will start in 15 days on October 1st.